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Sydney was founded as a British colony in 1788. Sydney was the first everlasting European settlement in Australia and today it is the country's largest city area, with about 4 million residents. Sydney is the seat of state government as the capital of New South Wales, Australia's most populous and economically important state. The city is an active cultural centre with a varied economy based on service industries, tourism, manufacturing, and international commerce. Its port is one of the leading centers of intercontinental trade in the Asia-Pacific region. Sydney is located on Australia’s southeastern coast at Port Jackson, a large, sheltered, deep-water inlet of the Tasman Sea.

Sydney is well-known for its Opera House. The Sydney Opera House is the centerpiece of the city’s places for live performances of ballet, opera, and classical music. The Australian Opera, Australian Ballet, and Sydney Dance companies regularly stage performances there. Moreover, the place often hosts internationally touring performances. Sydney also has many places for musical theater, drama, and popular music. The Sydney Theatre Company is one of many successful theatre companies in the city. Sydney is also home to the internationally praised Australian Chamber Orchestra and Sydney Symphony Orchestra.

The cultural life of Sydney is exciting and varied, reflecting the multicultural nature of the city. Many festivals, parades, and outdoor concerts cheer up the city streets in the summer months. Annual events include the Sydney Festival in January and February, the Gay and Lesbian Mardi Gras in March, the Royal Easter Show in April, and the multicultural festival Carnival in September and October. Sydney has also become world renowned for its street parties and fireworks on New Year's Eve and on Australia Day, celebrated on Sydney's Founding date, January 26.

According to the second paragraph, which of the following is TRUE of the Sydney Opera House?

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